| [X] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-----|-----------------------------------------------------------------------------------------|

| [  ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|----------------|------------------------------------------------------------------------------------------|

----

| Delaware                                                       |   | 06-1496634                        |
|----------------------------------------------------------------|--------|-----------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (IRS Employer Identification No.) |

| c/o Man Investments (USA) Corp.          |   |       |
|------------------------------------------|--------|------------|
| One Rockefeller Center                   |   |       |
| 16th Floor                               |   |       |
| New York, NY                             |   | 10020      |
| (Address of principal executive offices) |   | (Zip Code) |

|   |   | Yes [X]    No [  ] |
|--------|--------|--------------------------------------------------|

|   |   | Yes [  ]    No [  ] |
|--------|--------|-------------------------------------------------------------|

| Large Accelerated Filer [  ]     |   | Accelerated Filer   [  ] |
|--------------------------------------------|--------|---------------------------------------------------|
|                                       |   |                                              |
| Non-Accelerated Filer   [X] |   | Smaller reporting company  [  ]    |

|   |   | Yes [  ]    No [X] |
|--------|--------|--------------------------------------------------|

----

| (a) | At March 31, 2011 (unaudited) and December 31, 2010 |
|-----|-----------------------------------------------------|

| (b) | For the three months ended March 31, 2011 and 2010 (unaudited) |
|-----|---------------------------------------------------------------------|

----

| MAN-AHL DIVERSIFIED I L.P.                                                                      |   |           |        |   |              |   |
|-------------------------------------------------------------------------------------------------|--------|----------------|-------------|--------|-------------------|--------|
| (A Delaware Limited Partnership)                                                                |   |           |        |   |              |   |
|                                                                                            |   |           |        |   |              |   |
| STATEMENTS OF FINANCIAL CONDITION                                                               |   |           |        |   |              |   |
|                                                                                            |   |           |        |   |              |   |
|                                                                                            |   |           |        |   |              |   |
|                                                                                            |   | March 31, 2011 |        |   |              |   |
| ASSETS                                                                                          |   | (Unaudited)    |        |   | December 31, 2010 |   |
|                                                                                            |   |           |        |   |              |   |
| Cash and cash equivalents                                                                       |   | $              | 26,528,489  |   |              | $      | 17,978,871 |   |
|                                                                                            |   |           |        |   |              |   |   |   |
| Investment in Man-AHL Diversified                                                               |   |           |        |   |              |   |   |   |
|   Trading Company L.P.                                                                |   |           | 475,231,166 |   |              |   | 456,318,413 |   |
|                                                                                            |   |           |        |   |              |   |   |   |
| Due from Man-AHL Diversified                                                                    |   |           |        |   |              |   |   |   |
|   Trading Company L.P.                                                                |   |           | 7,872,232   |   |              |   | 8,322,471 |   |
|                                                                                            |   |           |        |   |              |   |   |   |
| Prepaids and other assets                                                                       |   |           | 42,242      |   |              |   | - |   |
|                                                                                            |   |           |        |   |              |   |   |   |
| Total                                                                                           |   | $              | 509,674,129 |   |              | $      | 482,619,755 |   |
|                                                                                            |   |           |        |   |              |   |   |   |
|                                                                                            |   |           |        |   |              |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                         |   |           |        |   |              |   |   |   |
|                                                                                            |   |           |        |   |              |   |   |   |
| LIABILITIES:                                                                                    |   |           |        |   |              |   |   |   |
|   Redemptions payable                                                                 |   | $              | 5,873,303   |   |              | $      | 6,443,299 |   |
|   Subscriptions received in advance                                                   |   |           | 26,528,194  |   |              |   | 17,828,921 |   |
|   Management fees payable                                                             |   |           | 1,153,130   |   |              |   | 1,105,525 |   |
|   Servicing fees payable                                                              |   |           | 590,062     |   |              |   | 566,652 |   |
|   Accrued expenses                                                                    |   |           | 297,973     |   |              |   | 206,995 |   |
|   Payable to Man-AHL Diversified II L.P.                                              |   |           | -           |   |              |   | 250,000 |   |
|                                                                                            |   |           |        |   |              |   |   |   |
|            Total liabilities             |   |           | 34,442,662  |   |              |   | 26,401,392 |   |
|                                                                                            |   |           |        |   |              |   |   |   |
| PARTNERS’ CAPITAL:                                                                        |   |           |        |   |              |   |   |   |
|   General Partner - Class A (186.00 unit equivalents outstanding                      |   |           |        |   |              |   |   |   |
|    at March 31, 2011 and December 31, 2010, respectively)                        |   |           | 606,545     |   |              |   | 646,951 |   |
|   Limited Partners - Class A (98,414.60 and 89,273.39                                 |   |           |        |   |              |   |   |   |
| units outstanding at March 31, 2011 and December 31, 2010, respectively)                        |   |           | 320,929,235 |   |              |   | 309,889,356 |   |
|   Limited Partners - Class A Series 2 (15,416.59 and 14,736.53                        |   |           |        |   |              |   |   |   |
| units outstanding at March 31, 2011 and December 31, 2010, respectively)                        |   |           | 51,550,888  |   |              |   | 52,289,913 |   |
|   Limited Partners - Class B (27,574.64 and 23,302.68                                 |   |           |        |   |              |   |   |   |
| units outstanding at March 31, 2011 and December 31, 2010, respectively)                        |   |           | 89,920,892  |   |              |   | 80,889,762 |   |
|   Limited Partners - Class B Series 2 (3,655.62 and 3,523.45                          |   |           |        |   |              |   |   |   |
| units outstanding at March 31, 2011 and December 31, 2010, respectively)                        |   |           | 12,223,907  |   |              |   | 12,502,381 |   |
|                                                                                            |   |           |        |   |              |   |   |   |
|            Total partners’ capital |   |           | 475,231,467 |   |              |   | 456,218,363 |   |
|                                                                                            |   |           |        |   |              |   |   |   |
| Total liabilities and partners’ capital                                                   |   | $              | 509,674,129 |   |              | $      | 482,619,755 |   |
|                                                                                            |   |           |        |   |              |   |   |   |

----

| MAN-AHL DIVERSIFIED I L.P.                               |   |           |     |   |              |   |
|----------------------------------------------------------|--------|----------------|----------|--------|-------------------|--------|
| (A Delaware Limited Partnership)                         |   |           |     |   |              |   |
|                                                     |   | March 31, 2011 |     |   |              |   |
| STATEMENTS OF FINANCIAL CONDITION (CONTINUED)            |   | (Unaudited)    |     |   | December 31, 2010 |   |
|                                                     |   |           |     |   |              |   |
|                                                     |   |           |     |   |              |   |
| NET ASSET VALUE PER OUTSTANDING UNIT OF                  |   |           |     |   |              |   |
| PARTNERSHIP INTEREST - CLASS A                           |   | $              | 3,260.99 |   |              | $      | 3,471.25 |   |
|                                                     |   |           |     |   |              |   |   |   |
| NET ASSET VALUE PER OUTSTANDING UNIT OF                  |   |           |     |   |              |   |   |   |
| PARTNERSHIP INTEREST - CLASS A Series 2                  |   | $              | 3,343.86 |   |              | $      | 3,548.32 |   |
|                                                     |   |           |     |   |              |   |   |   |
| NET ASSET VALUE PER OUTSTANDING UNIT OF                  |   |           |     |   |              |   |   |   |
| PARTNERSHIP INTEREST - CLASS B                           |   | $              | 3,261.00 |   |              | $      | 3,471.26 |   |
|                                                     |   |           |     |   |              |   |   |   |
| NET ASSET VALUE PER OUTSTANDING UNIT OF                  |   |           |     |   |              |   |   |   |
| PARTNERSHIP INTEREST - CLASS B Series 2                  |   | $              | 3,343.87 |   |              | $      | 3,548.33 |   |
|                                                     |   |           |     |   |              |   |   |   |
| See accompanying notes and attached financial statements |   |           |     |   |              |   |   |   |
| of Man-AHL Diversified Trading Company L.P.              |   |           |     |   |              |   |   |   |

----

| MAN-AHL DIVERSIFIED I L.P.                                                            |   |                                |        |   |   |   |
|---------------------------------------------------------------------------------------|--------|-------------------------------------|-------------|--------|--------|--------|
| (A Delaware Limited Partnership)                                                      |   |                                |        |   |   |   |
|                                                                                  |   |                                |        |   |   |   |
| STATEMENTS OF OPERATIONS (UNAUDITED)                                                  |   |                                |        |   |
|                                                                                  |   |                                |        |   |   |   |
|                                                                                  |   |                                |        |   |   |   |
|                                                                                  |   | For the three months endedMarch 31, |        |
|                                                                                  |   | 2011                                |        |   | 2010   |   |
|                                                                                  |   |                                |        |   |   |   |
| NET INVESTMENT (LOSS) INCOME                                                          |   |                                |        |   |   |   |
|   ALLOCATED FROM MAN-AHL                                                    |   |                                |        |   |   |   |
| DIVERSIFIED TRADING COMPANY L.P.:                                                     |   |                                |        |   |
|   Interest income                                                           |   | $                                   | 249,081     |   |   | $      | 128,831 |   |
|   Brokerage commissions                                                     |   |                                | (416,280    | )      |   |   | - |   |
|   Other expenses                                                            |   |                                | (136,373    | )      |   |   | - |   |
|      Net investment (loss) income allocated from             |   |                                |        |   |   |   |   |   |
|       Man-AHL Diversified Trading Company L.P.          |   |                                | (303,572    | )      |   |   | 128,831 |   |
|                                                                                  |   |                                |        |   |   |   |   |   |
| PARTNERSHIP EXPENSES:                                                                 |   |                                |        |   |   |   |   |   |
|   Brokerage commissions                                                     |   |                                | -           |   |   |   | 372,101 |   |
|   Management fees                                                           |   |                                | 3,390,483   |   |   |   | 2,802,154 |   |
|   Servicing fees                                                            |   |                                | 1,735,835   |   |   |   | 1,442,395 |   |
|   Administration fees                                                       |   |                                | 150,010     |   |   |   | - |   |
|   Professional fees                                                         |   |                                | 54,333      |   |   |   | - |   |
|   Other expenses                                                            |   |                                | 37,891      |   |   |   | 95,279 |   |
|                                                                                  |   |                                |        |   |   |   |   |   |
|            Total expenses      |   |                                | 5,368,552   |   |   |   | 4,711,929 |   |
|                                                                                  |   |                                |        |   |   |   |   |   |
|            Net investment loss |   |                                | (5,672,124  | )      |   |   | (4,583,098 | ) |
|                                                                                  |   |                                |        |   |   |   |   |   |
| REALIZED AND UNREALIZED (LOSSES)                                                      |   |                                |        |   |   |   |   |   |
|    GAINS ON TRADING ACTIVITIES                                         |   |                                |        |   |   |   |   |   |
|    ALLOCATED FROM MAN-AHL                                              |   |                                |        |   |   |   |   |   |
| DIVERSIFIED TRADING COMPANY L.P.:                                                     |   |                                |        |   |   |
|   Net realized trading (losses) gains                                       |   |                                |        |   |   |   |   |   |
|    on closed contracts                                                 |   |                                | (8,007,087  | )      |   |   | 2,014,883 |   |
|   Net change in unrealized trading (losses) gains                           |   |                                |        |   |   |   |   |   |
|    on open contracts                                                   |   |                                | (15,870,644 | )      |   |   | 14,913,284 |   |
|                                                                                  |   |                                |        |   |   |   |   |   |
| Net (losses) gains on trading activities allocated                                    |   |                                |        |   |   |
|       from Man-AHL Diversified Trading Company L.P.     |   |                                | (23,877,731 | )      |   |   | 16,928,167 |   |
|                                                                                  |   |                                |        |   |   |   |   |   |
| NET (LOSS) INCOME                                                                     |   | $                                   | (29,549,855 | )      |   | $      | 12,345,069 |   |
|                                                                                  |   |                                |        |   |   |   |   |   |
|                                                                                  |   |                                |        |   |   |   |   |   |
| NET (LOSS) INCOME PER UNIT OF                                                         |   |                                |        |   |   |   |   |   |
|   PARTNERSHIP INTEREST - CLASS A                                            |   | $                                   | (210.26     | )      |   | $      | 93.16 |   |
|                                                                                  |   |                                |        |   |   |   |   |   |
| NET (LOSS) INCOME PER UNIT OF                                                         |   |                                |        |   |   |   |   |   |
|   PARTNERSHIP INTEREST - CLASS A Series 2                                   |   | $                                   | (204.46     | )      |   | $      | 104.02 |   |
|                                                                                  |   |                                |        |   |   |   |   |   |
| NET (LOSS) INCOME PER UNIT OF                                                         |   |                                |        |   |   |   |   |   |
|   PARTNERSHIP INTEREST - CLASS B                                            |   | $                                   | (210.26     | )      |   | $      | 93.16 |   |
|                                                                                  |   |                                |        |   |   |   |   |   |
| NET (LOSS) INCOME PER UNIT OF                                                         |   |                                |        |   |   |   |   |   |
|   PARTNERSHIP INTEREST - CLASS B Series 2                                   |   | $                                   | (204.46     | )      |   | $      | 104.02 |   |
|                                                                                  |   |                                |        |   |   |   |   |   |
| See accompanying notes and attached financial statements                              |   |                                |        |   |   |
|  of Man-AHL Diversified Trading Company L.P.                                     |   |                                |        |   |   |   |   |   |
|                                                                                  |   |                                |        |   |   |   |   |   |

----

| MAN-AHL DIVERSIFIED I L.P.                                   |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |
|--------------------------------------------------------------|--------|----------|-------------|--------|------------------|--------|--------|----------|--------|--------|------------------|--------|--------|----------|--------|--------|--------|--------|------------|--------|--------|--------|--------|--------|--------|--------|------------|--------|--------|--------|--------|--------|--------|--------|
| (A Delaware Limited Partnership)                             |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |
|                                                         |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |
| STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (UNAUDITED) |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |
| FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010           |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |   |       |   |
|                                                         |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |
|                                                         |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |
|                                                         |   | CLASS A  |        |   | CLASS A Series 2 |   |   | CLASS B  |   |   | CLASS B Series 2 |   |   | TOTAL    |   |
|                                                         |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |
|                                                         |   | Limited  |        |   | General          |   |   | Limited  |   |   | Limited          |   |   | Limited  |   |   |   |   |       |   |   |
|                                                         |   | Partners |        |   | Partner          |   |   | Partners |   |   | Partners         |   |   | Partners |   |   |   |   |       |   |   |
|                                                         |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |
|                                                         |   | Amount   |        |   | Units            |   |   | Amount   |   |   | Units            |   |   | Amount   |   |   | Units  |   |       | Amount |   |   | Units  |   |   | Amount |       |   | Units  |   |   | Amount |   |   | Units |   |
| PARTNERS’ CAPITAL                                      |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |
| January 1, 2011                                              |   | $        | 309,889,356 |   |             |   | 89,273 |     |   | $      | 646,951          |   |   |     | 186    |   |   | $      | 52,289,913 |   |   |   | 14,737 |   |   | $      | 80,889,762 |   |   |   | 23,303 |   |   | $      | 12,502,381 |   |   |   | 3,523 |   |   | $ | 456,218,363 |   |   |   | 131,022 |   |
|                                                         |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Subscriptions                                    |   |     | 39,842,938  |   |             |   | 11,789 |     |   |   | -                |   |   |     | -      |   |   |   | 4,706,745  |   |   |   | 1,363  |   |   |   | 15,726,277 |   |   |   | 4,598  |   |   |   | 631,000 |   |   |   | 183 |   |   |   | 60,906,960 |   |   |   | 17,933 |   |
|   Redemptions                                      |   |     | (8,755,608  | )      |             |   | (2,647 | )        |   |   | -                |   |   |     | -      |   |   |   | (2,335,465 | )      |   |   | (683   | )      |   |   | (1,082,049 | )      |   |   | (326   | )      |   |   | (170,879 | ) |   |   | (50 | ) |   |   | (12,344,001 | ) |   |   | (3,706 | ) |
|   Net loss                                         |   |     | (20,047,451 | )      |             |   | -      |     |   |   | (40,406          | )      |   |     | -      |   |   |   | (3,110,305 | )      |   |   | -      |   |   |   | (5,613,098 | )      |   |   | -      |   |   |   | (738,595 | ) |   |   | - |   |   |   | (29,549,855 | ) |   |   | - |   |
|                                                         |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL                                      |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| March 31, 2011                                               |   | $        | 320,929,235 |   |             |   | 98,415 |     |   | $      | 606,545          |   |   |     | 186    |   |   | $      | 51,550,888 |   |   |   | 15,417 |   |   | $      | 89,920,892 |   |   |   | 27,575 |   |   | $      | 12,223,907 |   |   |   | 3,656 |   |   | $ | 475,231,467 |   |   |   | 145,249 |   |
|                                                         |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL                                      |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| January 1, 2010                                              |   | $        | 253,353,412 |   |             |   | 82,985 |     |   | $      | 569,005          |   |   |     | 186    |   |   | $      | 14,969,780 |   |   |   | 4,857  |   |   | $      | 61,704,853 |   |   |   | 20,211 |   |   | $      | 3,911,266 |   |   |   | 1,269 |   |   | $ | 334,508,316 |   |   |   | 109,508 |   |
|                                                         |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Subscriptions                                    |   |     | 20,369,869  |   |             |   | 6,765  |     |   |   | -                |   |   |     | -      |   |   |   | 43,413,001 |   |   |   | 14,091 |   |   |   | 5,586,774  |   |   |   | 1,847  |   |   |   | 8,234,706 |   |   |   | 2,675 |   |   |   | 77,604,350 |   |   |   | 25,378 |   |
|   Redemptions                                      |   |     | (15,677,415 | )      |             |   | (5,103 | )        |   |   | -                |   |   |     | -      |   |   |   | (6,336,551 | )      |   |   | (2,072 | )      |   |   | (3,595,771 | )      |   |   | (1,175 | )      |   |   | (1,531,047 | ) |   |   | (508 | ) |   |   | (27,140,784 | ) |   |   | (8,858 | ) |
|   Net income                                       |   |     | 8,269,159   |   |             |   | -      |     |   |   | 17,363           |   |   |     | -      |   |   |   | 1,722,663  |   |   |   | -      |   |   |   | 2,005,896  |   |   |   | -      |   |   |   | 329,988 |   |   |   | - |   |   |   | 12,345,069 |   |   |   | - |   |
|                                                         |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL                                      |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| March 31, 2010                                               |   | $        | 266,315,025 |   |             |   | 84,647 |     |   | $      | 586,368          |   |   |     | 186    |   |   | $      | 53,768,893 |   |   |   | 16,876 |   |   | $      | 65,701,752 |   |   |   | 20,883 |   |   | $      | 10,944,913 |   |   |   | 3,436 |   |   | $ | 397,316,951 |   |   |   | 126,028 |   |
|                                                         |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes and attached financial statements     |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |
| of Man-AHL Diversified Trading Company L.P.                  |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         |   |     |        |   |             |   |   |     |   |   |             |   |   |     |   |   |   |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| MAN-AHL DIVERSIFIED I L.P.                                                                              |   |                                |        |   |   |   |
|---------------------------------------------------------------------------------------------------------|--------|-------------------------------------|-------------|--------|--------|--------|
| (A Delaware Limited Partnership)                                                                        |   |                                |        |   |   |   |
|                                                                                                    |   |                                |        |   |   |   |
| STATEMENTS OF CASH FLOWS (UNAUDITED)                                                                    |   |                                |        |   |   |   |
|                                                                                                    |   |                                |        |   |   |   |
|                                                                                                    |   | For the three months endedMarch 31, |        |
|                                                                                                    |   | 2011                                |        |   | 2010   |   |
|                                                                                                    |   |                                |        |   |   |   |
| CASH FLOWS FROM OPERATING                                                                               |   |                                |        |   |   |   |
|   ACTIVITIES:                                                                                 |   |                                |        |   |   |   |
|   Net (loss) income                                                                           |   | $                                   | (29,549,855 | )      |   | $      | 12,345,069 |   |
|   Adjustments to reconcile net (loss) income to net cash used in operating activities:        |   |                                |        |   |   |   |   |   |
|       Purchases of Man-AHL Diversified Trading Company L.P.               |   |                                | (60,906,960 | )      |   |   | (77,604,350 | ) |
|       Sales of investment in Man-AHL Diversified Trading Company L.P.     |   |                                | 18,263,143  |   |   |   | 29,611,242 |   |
|       Net change in depreciation (appreciation) of investment in          |   |                                |        |   |   |   |   |   |
|         Man-AHL Diversified Trading Company L.P.                |   |                                | 24,181,305  |   |   |   | (17,056,998 | ) |
|     Changes in assets and liabilities:                                              |   |                                |        |   |   |   |   |   |
|       Prepaids and other assets                                           |   |                                | (42,242     | )      |   |   | - |   |
|       Management fees payable                                             |   |                                | 47,605      |   |   |   | 124,098 |   |
|       Servicing fees payable                                              |   |                                | 23,410      |   |   |   | 71,673 |   |
|       Accrued expenses                                                    |   |                                | 90,978      |   |   |   | 12,946 |   |
|       Payable to Man AHL Diversified II L.P.                              |   |                                | (250,000    | )      |   |   | - |   |
|                                                                                                    |   |                                |        |   |   |   |   |   |
|            Net cash used in operating activities |   |                                | (48,142,618 | )      |   |   | (52,496,320 | ) |
|                                                                                                    |   |                                |        |   |   |   |   |   |
| CASH FLOWS FROM FINANCING                                                                               |   |                                |        |   |   |   |   |   |
|   ACTIVITIES:                                                                                 |   |                                |        |   |   |   |   |   |
|   Proceeds from subscriptions                                                                 |   |                                | 69,606,233  |   |   |   | 74,157,067 |   |
|   Payments on redemptions                                                                     |   |                                | (12,913,997 | )      |   |   | (25,047,841 | ) |
|                                                                                                    |   |                                |        |   |   |   |   |   |
|           Net cash provided by financing activities   |   |                                | 56,692,236  |   |   |   | 49,109,226 |   |
|                                                                                                    |   |                                |        |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH                                                                         |   |                                | 8,549,618   |   |   |   | (3,387,094 | ) |
|                                                                                                    |   |                                |        |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS                                                                               |   |                                |        |   |   |   |   |   |
| Beginning of period                                                                                     |   |                                | 17,978,871  |   |   |   | 8,321,635 |   |
|                                                                                                    |   |                                |        |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS                                                                               |   |                                |        |   |   |   |   |   |
| End of period                                                                                           |   | $                                   | 26,528,489  |   |   | $      | 4,934,541 |   |
|                                                                                                    |   |                                |        |   |   |   |   |   |
| See accompanying notes and attached financial                                                           |   |                                |        |   |   |   |   |   |
| statements of Man-AHL Diversified Trading Company L.P.                                                  |   |                                |        |   |   |   |   |   |
|                                                                                                    |   |                                |        |   |   |   |   |   |

----

| 1.   | ORGANIZATION OF THE PARTNERSHIP |
|----------------|---------------------------------|

| 2.   | SIGNIFICANT ACCOUNTING POLICIES |
|----------------|---------------------------------|

----

----

| 3.   | SUBSEQUENT EVENTS |
|----------------|-------------------|

----

----

| MAN-AHL DIVERSIFIED TRADING COMPANY L.P.                                                        |   |           |        |   |              |   |
|-------------------------------------------------------------------------------------------------|--------|----------------|-------------|--------|-------------------|--------|
| (A Delaware Limited Partnership)                                                                |   |           |        |   |              |   |
|                                                                                            |   |           |        |   |              |   |
| STATEMENTS OF FINANCIAL CONDITION                                                               |   |           |        |   |              |   |
|                                                                                            |   |           |        |   |              |   |
|                                                                                            |   |           |        |   |              |   |
|                                                                                            |   | March 31, 2011 |        |   |              |   |
| ASSETS                                                                                          |   | (Unaudited)    |        |   | December 31, 2010 |   |
|                                                                                            |   |           |        |   |              |   |
| Equity in futures and forwards                                                                  |   |           |        |   |              |   |
|  trading accounts:                                                                         |   |           |        |   |              |   |
|    Net unrealized trading gains on open futures contracts                        |   | $              | 1,881,524   |   |              | $      | 9,571,147 |   |
|    Net unrealized trading gains on open forward contracts                        |   |           | 5,662,684   |   |              |   | 21,364,480 |   |
|    Due from brokers                                                              |   |           | 86,859,303  |   |              |   | 58,686,001 |   |
|                                                                                            |   |           | 94,403,511  |   |              |   | 89,621,628 |   |
|                                                                                            |   |           |        |   |              |   |   |   |
| Cash and cash equivalents                                                                       |   |           | 535,985,819 |   |              |   | 540,475,018 |   |
|                                                                                            |   |           |        |   |              |   |   |   |
| Interest receivable                                                                             |   |           | 1,351       |   |              |   | 36,230 |   |
|                                                                                            |   |           |        |   |              |   |   |   |
| TOTAL                                                                                           |   | $              | 630,390,681 |   |              | $      | 630,132,876 |   |
|                                                                                            |   |           |        |   |              |   |   |   |
|                                                                                            |   |           |        |   |              |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                         |   |           |        |   |              |   |   |   |
|                                                                                            |   |           |        |   |              |   |   |   |
| LIABILITIES —                                                                             |   |           |        |   |              |   |   |   |
|   Redemptions payable                                                                 |   | $              | 10,143,170  |   |              | $      | 14,543,323 |   |
|    Accrued expenses                                                              |   |           | 55,061      |   |              |   | 177,744 |   |
|    Net unrealized trading losses on open futures contracts                       |   |           | 63,192      |   |              |   | 689,356 |   |
|                                                                                            |   |           |        |   |              |   |   |   |
|            Total liabilities             |   | $              | 10,261,423  |   |              | $      | 15,410,423 |   |
|                                                                                            |   |           |        |   |              |   |   |   |
| PARTNERS’ CAPITAL:                                                                        |   |           |        |   |              |   |   |   |
|   Limited Partners (59,846.20 and 56,391.50 units outstanding at                      |   |           |        |   |              |   |   |   |
|      March 31, 2011 and December 31, 2010, respectively)               |   |           | 620,129,258 |   |              |   | 614,722,453 |   |
|                                                                                            |   |           |        |   |              |   |   |   |
|            Total partners’ capital |   |           | 620,129,258 |   |              |   | 614,722,453 |   |
|                                                                                            |   |           |        |   |              |   |   |   |
| TOTAL                                                                                           |   | $              | 630,390,681 |   |              | $      | 630,132,876 |   |
|                                                                                            |   |           |        |   |              |   |   |   |
| NET ASSET VALUE PER OUTSTANDING UNIT OF                                                         |   |           |        |   |              |   |   |   |
|   PARTNERSHIP INTEREST                                                                |   | $              | 10,362.05   |   |              | $      | 10,900.98 |   |
|                                                                                            |   |           |        |   |              |   |   |   |
|                                                                                            |   |           |        |   |              |   |   |   |
| See notes to financial statements.                                                              |   |           |        |   |              |   |   |   |

----

| MAN-AHL DIVERSIFIED TRADING COMPANY L.P.                                        |   |                       |        |   |                        |   |   |
|---------------------------------------------------------------------------------|--------|----------------------------|-------------|--------|-----------------------------|--------|--------|
| (A Delaware Limited Partnership)                                                |   |                       |        |   |                        |   |   |   |   |   |
|                                                                            |   |                       |        |   |                        |   |   |   |   |   |   |   |
| CONDENSED SCHEDULES OF INVESTMENTS                                              |   |                       |        |   |                        |   |   |
|                                                                            |   |                       |        |   |                        |   |   |   |   |   |   |   |
|                                                                            |   | March 31, 2011 (unaudited) |        |   | December 31, 2010           |   |
|                                                                            |   | Fair Value                 |        |   | Percent ofPartners' Capital |   |   | Fair Value |   |   | Percent of Partners' Capital |   |
| FUTURES CONTRACTS - Long:                                                       |   |                       |        |   |                        |   |   |   |   |   |
|  Agricultural                                                              |   | $                          | 403,099     |   |                        |   | 0.1    | % |   | $ | 5,626,475 |   |   |   | 0.9 | % |
|  Currencies                                                                |   |                       | (433,360    | )      |                        |   | (0.1   | ) |   |   | 638,070 |   |   |   | 0.1 |   |
|  Energy                                                                    |   |                       | 2,137,985   |   |                        |   | 0.3    |   |   |   | 1,699,258 |   |   |   | 0.3 |   |
|  Indices                                                                   |   |                       | 1,199,454   |   |                        |   | 0.2    |   |   |   | 95,256 |   |   |   | - |   |
|  Interest rates                                                            |   |                       | (2,492,988  | )      |                        |   | (0.4   | ) |   |   | 1,236,385 |   |   |   | 0.2 |   |
|  Metals                                                                    |   |                       | 815,539     |   |                        |   | 0.1    |   |   |   | 5,808,889 |   |   |   | 0.9 |   |
|         Total futures contracts - long  |   |                       | 1,629,729   |   |                        |   | 0.2    |   |   |   | 15,104,333 |   |   |   | 2.4 |   |
|                                                                            |   |                       |        |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| FUTURES CONTRACTS - Short:                                                      |   |                       |        |   |                        |   |   |   |   |   |   |   |   |   |   |   |
|  Agricultural                                                              |   |                       | 192,761     |   |                        |   | -      | % |   |   | (932,741 | ) |   |   | (0.2 | ) |
|  Currencies                                                                |   |                       | 347,544     |   |                        |   | 0.1    |   |   |   | (379,596 | ) |   |   | (0.1 | ) |
|  Energy                                                                    |   |                       | (237,460    | )      |                        |   | -      |   |   |   | (2,084,102 | ) |   |   | (0.3 | ) |
|  Indices                                                                   |   |                       | (678,696    | )      |                        |   | (0.1   | ) |   |   | 11,028 |   |   |   | - |   |
|  Interest rates                                                            |   |                       | 564,454     |   |                        |   | 0.1    |   |   |   | (1,523,235 | ) |   |   | (0.2 | ) |
|  Metals                                                                    |   |                       | -           |   |                        |   | -      |   |   |   | (1,313,896 | ) |   |   | (0.2 | ) |
|         Total futures contracts - short |   |                       | 188,603     |   |                        |   | 0.1    |   |   |   | (6,222,542 | ) |   |   | (1.0 | ) |
|                                                                            |   |                       |        |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| NET UNREALIZED TRADING GAINS                                                    |   |                       |        |   |                        |   |   |   |   |   |   |   |   |
|   ON OPEN FUTURES CONTRACTS                                           |   | $                          | 1,818,332   |   |                        |   | 0.3    | % |   | $ | 8,881,791 |   |   |   | 1.4 | % |
|                                                                            |   |                       |        |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| FORWARD CONTRACTS - Long:                                                       |   |                       |        |   |                        |   |   |   |   |   |   |   |   |   |   |   |
|  Australian dollars                                                        |   | $                          | 8,325,042   |   |                        |   | 1.3    | % |   | $ | 10,399,197 |   |   |   | 1.7 | % |
|  British pounds                                                            |   |                       | (1,671,630  | )      |                        |   | (0.3   | ) |   |   | (2,320,050 | ) |   |   | (0.4 | ) |
|  Euro                                                                      |   |                       | 3,604,188   |   |                        |   | 0.6    |   |   |   | (2,149,012 | ) |   |   | (0.3 | ) |
|  Gold bullion                                                              |   |                       | 541,047     |   |                        |   | 0.1    |   |   |   | 696,099 |   |   |   | 0.1 |   |
|  Japanese yen                                                              |   |                       | (10,423,737 | )      |                        |   | (1.7   | ) |   |   | 5,081,396 |   |   |   | 0.8 |   |
|  New Zealand dollars                                                       |   |                       | 1,064,914   |   |                        |   | 0.2    |   |   |   | - |   |   |   | - |   |
|  Other                                                                     |   |                       | 10,044,479  |   |                        |   | 1.6    |   |   |   | 19,196,259 |   |   |   | 3.1 |   |
|         Total forward contracts - long  |   |                       | 11,484,303  |   |                        |   | 1.8    |   |   |   | 30,903,889 |   |   |   | 5.0 |   |
|                                                                            |   |                       |        |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| FORWARD CONTRACTS - Short:                                                      |   |                       |        |   |                        |   |   |   |   |   |   |   |   |   |   |   |
|  Australian dollars                                                        |   |                       | (5,711,101  | )      |                        |   | (0.9   | )% |   |   | (6,271,270 | ) |   |   | (1.0 | ) |
|  British pounds                                                            |   |                       | 3,908,867   |   |                        |   | 0.6    |   |   |   | 4,960,113 |   |   |   | 0.8 |   |
|  Euro                                                                      |   |                       | (3,598,043  | )      |                        |   | (0.6   | ) |   |   | 7,075,561 |   |   |   | 1.2 |   |
|  Gold bullion                                                              |   |                       | (236,985    | )      |                        |   | -      |   |   |   | - |   |   |   | - |   |
|  Japanese yen                                                              |   |                       | 7,926,309   |   |                        |   | 1.3    |   |   |   | (4,104,581 | ) |   |   | (0.7 | ) |
|  New Zealand dollars                                                       |   |                       | (2,494,991  | )      |                        |   | (0.4   | ) |   |   | (722,218 | ) |   |   | (0.1 | ) |
|  Other                                                                     |   |                       | (5,615,675  | )      |                        |   | (0.9   | ) |   |   | (10,477,014 | ) |   |   | (1.7 | ) |
|         Total forward contracts - short |   |                       | (5,821,619  | )      |                        |   | (0.9   | ) |   |   | (9,539,409 | ) |   |   | (1.5 | ) |
|                                                                            |   |                       |        |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| NET UNREALIZED TRADING GAINS                                                    |   |                       |        |   |                        |   |   |   |   |   |   |   |   |
|   ON OPEN FORWARD CONTRACTS                                           |   | $                          | 5,662,684   |   |                        |   | 0.9    | % |   | $ | 21,364,480 |   |   |   | 3.5 | % |
|                                                                            |   |                       |        |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| NET UNREALIZED TRADING GAINS                                                    |   |                       |        |   |                        |   |   |   |   |   |   |   |   |
|   ON OPEN CONTRACTS                                                   |   | $                          | 7,481,016   |   |                        |   | 1.2    | % |   | $ | 30,246,271 |   |   |   | 4.9 | % |
|                                                                            |   |                       |        |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| See notes to financial statements.                                              |   |                       |        |   |                        |   |   |   |   |   |   |   |   |   |   |   |

----

| MAN-AHL DIVERSIFIED TRADING COMPANY L.P.                  |   |                                |        |   |
|-----------------------------------------------------------|--------|-------------------------------------|-------------|--------|
| (A Delaware Limited Partnership)                          |   |                                |        |   |   |   |
|                                                      |   |                                |        |   |   |   |
| STATEMENTS OF OPERATIONS (UNAUDITED)                      |   |                                |        |   |
|                                                      |   |                                |        |   |   |   |
|                                                      |   | For the three months endedMarch 31, |        |
|                                                      |   | 2011                                |        |   | 2010 |   |
|                                                      |   |                                |        |   |   |   |
| NET INVESTMENT INCOME:                                    |   |                                |        |   |   |   |
|   Interest income                               |   | $                                   | 328,632     |   |   | $ | 179,576 |   |
|                                                      |   |                                |        |   |   |   |   |   |
| EXPENSES                                                  |   |                                |        |   |   |   |   |   |
|   Brokerage commissions                         |   |                                | 551,284     |   |   |   | - |   |
|   Interest expense - brokers                    |   |                                | 130,364     |   |   |   | - |   |
|   Professional fees                             |   |                                | 46,936      |   |   |   | - |   |
|   Administration fees                           |   |                                | 2,500       |   |   |   | - |   |
|   Other expenses                                |   |                                | 445         |   |   |   | - |   |
|       Total expenses        |   |                                | 731,529     |   |   |   | - |   |
|                                                      |   |                                |        |   |   |   |   |   |
| NET INVESTMENT (LOSS) INCOME                              |   |                                | (402,897    | )      |   |   | 179,576 |   |
|                                                      |   |                                |        |   |   |   |   |   |
| NET REALIZED AND UNREALIZED                               |   |                                |        |   |   |   |   |   |
|   (LOSSES) GAINS ON TRADING                     |   |                                |        |   |   |   |   |   |
|    ACTIVITIES:                             |   |                                |        |   |   |   |   |   |
|   Net realized trading (losses) gains on        |   |                                |        |   |   |   |   |   |
|     closed contracts                  |   |                                | (10,192,130 | )      |   |   | 2,587,977 |   |
|   Net change in unrealized gains on translation |   |                                |        |   |   |   |   |   |
|     of foreign currency               |   |                                | 1,368,011   |   |   |   | - |   |
|   Net change in unrealized trading (losses)     |   |                                |        |   |   |   |   |   |
|     gains on open contracts           |   |                                | (22,765,255 | )      |   |   | 20,793,959 |   |
|                                                      |   |                                |        |   |   |   |   |   |
| NET (LOSS) GAIN ON TRADING                                |   |                                |        |   |   |   |   |   |
|   ACTIVITIES                                    |   |                                | (31,589,374 | )      |   |   | 23,381,936 |   |
|                                                      |   |                                |        |   |   |   |   |   |
| NET (LOSS) INCOME                                         |   | $                                   | (31,992,271 | )      |   | $ | 23,561,512 |   |
|                                                      |   |                                |        |   |   |   |   |   |
|                                                      |   |                                |        |   |   |   |   |   |
| NET (LOSS) INCOME FOR A UNIT                              |   |                                |        |   |   |   |   |   |
|  OF PARTNERSHIP INTEREST                             |   | $                                   | (538.93     | )      |   | $ | 397.53 |   |
|                                                      |   |                                |        |   |   |   |   |   |
| See notes to financial statements.                        |   |                                |        |   |   |   |   |   |
|                                                      |   |                                |        |   |   |   |   |   |

----

| MAN-AHL DIVERSIFIED TRADING COMPANY L.P. |   |   |   |   |
|------------------------------------------|--------|--------|--------|--------|
| (A Delaware Limited Partnership)         |   |   |   |   |   |   |

| STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (UNAUDITED) |   |     |        |   |    |   |   |
|--------------------------------------------------------------|--------|----------|-------------|--------|---------|--------|--------|
| FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010           |   |     |        |   |    |   |   |
|                                                         |   |     |        |   |    |   |   |   |   |
|                                                         |   |     |        |   |    |   |   |   |   |
|                                                         |   | Limited  |        |   | General |   |   |   |   |
|                                                         |   | Partners |        |   | Partner |   |   | Total |   |
|                                                         |   |     |        |   |    |   |   |   |   |
| PARTNERS’ CAPITAL — January 1, 2011              |   | $        | 614,722,453 |   |    | $      | -      |   |   | $ | 614,722,453 |   |
|                                                         |   |     |        |   |    |   |   |   |   |   |   |   |
|   Issuance of 6,312 units of limited               |   |     |        |   |    |   |   |   |   |   |   |   |
|     partnership interest                 |   |     | 67,556,817  |   |    |   | -      |   |   |   | 67,556,817 |   |
|   Redemption of 2,857 units of limited             |   |     |        |   |    |   |   |   |   |   |   |   |
|     partnership interest                 |   |     | (30,157,741 | )      |    |   | -      |   |   |   | (30,157,741 | ) |
|   Net Loss                                         |   |     | (31,992,271 | )      |    |   | -      |   |   |   | (31,992,271 | ) |
|                                                         |   |     |        |   |    |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL — March 31, 2011               |   | $        | 620,129,258 |   |    | $      | -      |   |   | $ | 620,129,258 |   |
|                                                         |   |     |        |   |    |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL — January 1, 2010              |   | $        | 491,274,980 |   |    | $      | -      |   |   | $ | 491,274,980 |   |
|                                                         |   |     |        |   |    |   |   |   |   |   |   |   |
|   Issuance of 8,738 units of limited               |   |     |        |   |    |   |   |   |   |   |   |   |
|     partnership interest                 |   |     | 79,727,930  |   |    |   | -      |   |   |   | 79,727,930 |   |
|   Redemption of 4,499 units of limited             |   |     |        |   |    |   |   |   |   |   |   |   |
|     partnership interest                 |   |     | (41,464,901 | )      |    |   | -      |   |   |   | (41,464,901 | ) |
|   Net Income                                       |   |     | 23,561,512  |   |    |   | -      |   |   |   | 23,561,512 |   |
|                                                         |   |     |        |   |    |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL — March 31, 2010               |   | $        | 553,099,521 |   |    | $      | -      |   |   | $ | 553,099,521 |   |
|                                                         |   |     |        |   |    |   |   |   |   |   |   |   |
| See notes to financial statements.                           |   |     |        |   |    |   |   |   |   |   |   |   |

----

| MAN-AHL DIVERSIFIED TRADING COMPANY L.P.                                                                                           |   |
|------------------------------------------------------------------------------------------------------------------------------------|--------|
| (A Delaware Limited Partnership)                                                                                                   |   |   |   |   |   |   |
|                                                                                                                               |   |   |   |   |   |   |
| STATEMENTS OF CASH FLOWS (UNAUDITED)                                                                                               |   |   |   |   |   |   |
|                                                                                                                               |   |   |   |   |   |   |
|                                                                                                                               |   |   |   |   |   |   |
|                                                                                                                               |   | For the three months endedMarch 31, |   |
|                                                                                                                               |   | 2011 |   |   | 2010 |   |
| CASH FLOWS FROM OPERATING                                                                                                          |   |   |   |   |   |   |
|  ACTIVITIES:                                                                                                                  |   |   |   |   |   |   |
|   Net (loss) income                                                                                                      |   | $ | (31,992,271 | ) |   | $ | 23,561,512 |   |
|   Adjustments to reconcile net (loss) income                                                                             |   |   |   |   |   |   |   |   |
|     to net cash used in operating activities:                                                                  |   |   |   |   |   |   |   |   |
|     Net change in unrealized trading losses       (gains) on open contracts |   |   | 22,765,255 |   |   |   | (20,793,959 | ) |
|     Changes in assets and liabilities:                                                                         |   |   |   |   |   |   |   |   |
|      Due from brokers                                                                                     |   |   | (28,173,302 | ) |   |   | (8,545,602 | ) |
|      Interest receivable                                                                                  |   |   | 34,879 |   |   |   | 14,847 |   |
|      Interest payable                                                                                     |   |   | - |   |   |   | 4,683 |   |
|      Accrued expenses                                                                                     |   |   | (122,683 | ) |   |   | - |   |
|                                                                                                                               |   |   |   |   |   |   |   |   |
|           Net cash used in operating activities                                  |   |   | (37,488,122 | ) |   |   | (5,758,519 | ) |
|                                                                                                                               |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING                                                                                                          |   |   |   |   |   |   |   |   |
|  ACTIVITIES:                                                                                                                  |   |   |   |   |   |   |   |   |
|   Proceeds from subscriptions                                                                                            |   |   | 67,556,817 |   |   |   | 79,727,930 |   |
|   Payments on redemptions                                                                                                |   |   | (34,557,894 | ) |   |   | (114,279,023 | ) |
|                                                                                                                               |   |   |   |   |   |   |   |   |
|            Net cash provided by (used in)                                   |   |   |   |   |   |   |   |   |
|             financing activities                                       |   |   | 32,998,923 |   |   |   | (34,551,093 | ) |
|                                                                                                                               |   |   |   |   |   |   |   |   |
| NET DECREASE IN CASH                                                                                                               |   |   |   |   |   |   |   |   |
|  AND CASH EQUIVALENTS                                                                                                         |   |   | (4,489,199 | ) |   |   | (40,309,612 | ) |
|                                                                                                                               |   |   |   |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS                                                                                                          |   |   |   |   |   |   |   |   |
|  Beginning of period                                                                                                          |   |   | 540,475,018 |   |   |   | 497,103,543 |   |
|                                                                                                                               |   |   |   |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS                                                                                                          |   |   |   |   |   |   |   |   |
|  End of period                                                                                                                |   | $ | 535,985,819 |   |   | $ | 456,793,931 |   |
|                                                                                                                               |   |   |   |   |   |   |   |   |
|                                                                                                                               |   |   |   |   |   |   |   |   |
| See notes to financial statements.                                                                                                 |   |   |   |   |   |   |   |   |

----

| 1.   | ORGANIZATION OF THE TRADING COMPANY |
|----------------|-------------------------------------|

| 2.   | SIGNIFICANT ACCOUNTING POLICIES |
|----------------|---------------------------------|

----

| 3.   | PARTNERSHIP AGREEMENT |
|----------------|-----------------------|

----

| 4.   | FAIR VALUE MEASUREMENTS |
|----------------|-------------------------|

|                                                                        |   |   |   |   |           |      |      | Fair Value Measurements |   |
|-----------------------------------------------------------------------------|--------|--------|--------|--------|----------------|-----------|-----------|-------------------------|--------|
|                                                                        |   |   |   |   |           |      |      |                    |   |   |   |   |   |   |   |
|                                                                        |   |   |   |   | Fair Value     |      |      | Quoted Prices in        |   |   | Significant Other |   |   | Significant Other |   |
|                                                                        |   |   |   |   | as of          |      |      | Active Markets for      |   |   | Observable |   |   | Unobservable |   |
|                                                                        |   |   |   |   | March 31, 2011 |      |      | Identical Assets        |   |   | Inputs |   |   | Inputs |   |
| Description                                                                 |   |   |   |   | (Unaudited)    |      |      | (Level 1)               |   |   | (Level 2) |   |   | (Level 3) |   |
|                                                                        |   |   |   |   |           |      |      |                    |   |   |   |   |   |   |   |
|    Net unrealized trading gains on open futures contracts 1  |   |   |   |   |           | $         | 1,881,524 |                    |   | $ | 1,881,524 |   |   | $ | - |   |   | $ | - |   |
|    Net unrealized trading losses on open futures contracts 1 |   |   |   |   |           |      | (63,192   | )                       |   |   | (63,192 | ) |   |   | - |   |   |   | - |   |
|    Net unrealized trading gains on open forward contracts 2  |   |   |   |   |           |      | 5,662,684 |                    |   |   | - |   |   |   | 5,662,684 |   |   |   | - |   |
|                                                                        |   |   |   |   |           |      |      |                    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                        |   | Total  |   |   | $              | 7,481,016 |      |                    | $      | 1,818,332 |   |   | $ | 5,662,684 |   |   | $ | - |   |
|                                                                        |   |   |   |   |           |      |      |                    |   |   |   |   |   |   |   |   |   |   |   |   |
| 1 Please see Condensed Schedule of Investments for risk classification.     |   |   |   |   |           |      |      |                    |   |
| 2 Please see Condensed Schedule of Investments for currency classification. |   |   |   |   |           |

|                                                    |   |              |       |   | Fair Value Measurments |   |
|---------------------------------------------------------|--------|-------------------|------------|--------|------------------------|--------|
|                                                    |   |              |       |   |                   |   |   |   |   |   |   |   |
|                                                    |   |              |       |   | Quoted Prices in       |   | Significant Other |   |   | Significant Other |   |
|                                                    |   | Fair Value        |       |   | Active Markets for     |   | Observable |   |   | Unobservable |   |
|                                                    |   | as of             |       |   | Identical Assets       |   | Inputs |   |   | Inputs |   |
| Description                                             |   | December 31, 2010 |       |   | (Level 1)              |   |   | (Level 2) |   |   | (Level 3) |   |
|                                                    |   |              |       |   |                   |   |   |   |   |   |   |   |
| Net unrealized trading gains on open futures contracts  |   | $                 | 9,571,147  |   |                   | $      | 9,571,147 |   |   | $ | - |   |   | $ | - |   |
| Net unrealized trading losses on open futures contracts |   |              | (689,356   | )      |                   |   | (689,356 | ) |   |   | - |   |   |   | - |   |
| Net unrealized trading gains on open forward contracts  |   |              | 21,364,480 |   |                   |   | - |   |   |   | 21,364,480 |   |   |   | - |   |
|                                                    |   |              |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                   |   | $                 | 30,246,271 |   |                   | $      | 8,881,791 |   |   | $ | 21,364,480 |   |   | $ | - |   |
|                                                    |   |              |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |

| 5. | DERIVATIVE TRANSACTIONS |
|----|-------------------------|

----

----

| Primary Risk Exposure                                                                                                                                                                                                                                                                                                                                             | March 31, 2011                                           |                                                      |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------|-----------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                              | (Unaudited)                                              |                                                      |
|                                                                                                                                                                                                                                                                                                                                                              | Asset Derivatives                                        |                                                      |   |   | Liability Derivatives |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                              |                                                     |                                                      |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                              | Statement of Financial Condition                         |                                                      | Fair Value ** |   | Statement of Financial Condition |   | Fair Value ** |   |
| Forward contracts                                                                                                                                                                                                                                                                                                                                                 | Gross unrealized trading gains on open forward contracts |
| Currencies                                                                                                                                                                                                                                                                                                                                                        |                                                     |                                                      | $ | 39,267,238 |   |   |   | $ | (33,604,554 | ) |
| Futures contracts                                                                                                                                                                                                                                                                                                                                                 | Gross unrealized trading gains on open futures contracts | Gross unrealized trading losses on open futures contracts |
|  Agricultural                                                                                                                                                                                                                                                                                                                                                |                                                     |                                                      |   | 2,069,329 |   |   |   |   | (1,473,469 | ) |
|  Currencies                                                                                                                                                                                                                                                                                                                                                  |                                                     |                                                      |   | 587,903 |   |   |   |   | (673,719 | ) |
|  Energy                                                                                                                                                                                                                                                                                                                                                      |                                                     |                                                      |   | 2,137,985 |   |   |   |   | (237,460 | ) |
|  Indices                                                                                                                                                                                                                                                                                                                                                     |                                                     |                                                      |   | 1,371,577 |   |   |   |   | (850,819 | ) |
|  Interest rates                                                                                                                                                                                                                                                                                                                                              |                                                     |                                                      |   | 952,960 |   |   |   |   | (2,881,494 | ) |
|  Metals                                                                                                                                                                                                                                                                                                                                                      |                                                     |                                                      |   | 2,793,470 |   |   |   |   | (1,977,931 | ) |
| Total Derivatives                                                                                                                                                                                                                                                                                                                                                 |                                                     |                                                      | $ | 49,180,462 |   |   |   | $ | (41,699,446 | ) |
|                                                                                                                                                                                                                                                                                                                                                              |                                                     |                                                      |   |   |   |   |   |   |   |   |
| Derivatives not designated as hedging instruments                                                                                                                                                                                                                                                                                                                 | December 31, 2010                                        |                                                      |
|                                                                                                                                                                                                                                                                                                                                                              | Asset Derivatives                                        |                                                      |   |   |   | Liability Derivatives |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                              | Statement of Financial Condition                         |                                                      | Fair Value ** |   | Statement of Financial Condition |   | Fair Value ** |   |
|                                                                                                                                                                                                                                                                                                                                                              |                                                     |                                                      |   |   |   |   |   |   |   |   |
| Open forward contracts                                                                                                                                                                                                                                                                                                                                            | Net unrealized trading gains on open forward contracts   |                                                      | $ | 62,605,106 |   | Net unrealized trading losses on open forward contracts |   | $ | (41,240,626 | ) |
| Open futures contracts                                                                                                                                                                                                                                                                                                                                            | Net unrealized trading gains on open futures contracts   |                                                      | $ | 17,407,051 |   | Net unrealized trading losses on open futures contracts |   | $ | (8,525,260 | ) |
| Total Derivatives                                                                                                                                                                                                                                                                                                                                                 |                                                     |                                                      | $ | 80,012,157 |   |   |   | $ | (49,765,886 | ) |
|                                                                                                                                                                                                                                                                                                                                                              |                                                     |                                                      |   |   |   |   |   |   |   |   |
| ** Open forward and future contracts are presented on the gross basis for the purposes of the tables above. Net unrealized trading gains and lossesare netted by counterparty and presented in the statements of financial condition in accordance with generally accepted accounting principles relatedto the right of offset under FASB ASC 210, Balance Sheet. |
|                                                                                                                                                                                                                                                                                                                                                              |                                                     |                                                      |   |   |   |   |   |   |   |   |
| The following table presents the impact of derivative instruments on the Statements of Operations. The Trading Company did not designate any derivatives as hedging instruments for the three months ended March 31, 2011 and March 31, 2010. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |

| Primary Risk Exposure          |                                                                    |   | For the three months ended March 31, |        |
|--------------------------------|-------------------------------------------------------------------------|--------|--------------------------------------|-------------|
|                           |                                                                    |   | 2011(Unaudited)                      |        |   | 2010(Unaudited) |   |
|                           | Location of loss or gain recognized in income on Derivatives            |   | Gain (Loss) on Derivatives           |        | Gain (Loss) on Derivatives |   |
| Forward contracts              |                                                                    |   |                                 |        |   |   |   |
| Currencies                     | Net realized trading gains on closed contracts                          |   | $                                    | 2,839,774   |   |   | $ | 7,135,562 |   |
|                           | Net change in unrealized trading (losses) gains on open contracts       |   |                                 | (15,701,796 | ) |   |   | 8,100,986 |   |
|                           |                                                                    |   |                                 |        |   |   |   |   |   |
| Futures contracts              | Net realized trading gains (losses) on closed contracts                 |   |                                 |        |   |   |   | (4,547,585 | ) |
|  Agricultural             |                                                                    |   |                                 | 7,164,588   |   |   |   |   |   |
|  Currencies               |                                                                    |   |                                 | (4,142,882  | ) |   |   |   |   |
|  Energy                   |                                                                    |   |                                 | (885,090    | ) |   |   |   |   |
|  Indices                  |                                                                    |   |                                 | (12,334,596 | ) |   |   |   |   |
|  Interest rates           |                                                                    |   |                                 | (6,107,704  | ) |   |   |   |   |
|  Metals                   |                                                                    |   |                                 | 3,273,780   |   |   |   |   |   |
|                           |                                                                    |   |                                 |        |   |   |   |   |   |
|                           | Net change in unrealized trading gains (losses) on open contracts  |   |                                 |        |   |   |   | 12,692,973  |   |
|  Agricultural             |                                                                    |   |                                 | (4,097,874  | ) |   |   |   |   |
|  Currencies               |                                                                    |   |                                 | (344,290    | ) |   |   |   |   |
|  Energy                   |                                                                    |   |                                 | 2,285,369   |   |   |   |   |   |
|  Indices                  |                                                                    |   |                                 | 414,474     |   |   |   |   |   |
|  Interest rates           |                                                                    |   |                                 | (1,641,684  | ) |   |   |   |   |
|  Metals                   |                                                                    |   |                                 | (3,679,454  | ) |   |   |   |   |
| Net (loss) gain on Derivatives |                                                                    |   | $                                    | (32,957,385 | ) |   | $ | 23,381,936 |   |
|                           |                                                                    |   |                                 |        |   |   |   |   |   |
|                           |                                                                    |   |                                 |        |   |   |   |   |   |

----

| 6.   | SUBSEQUENT EVENTS |
|----------------|-------------------|

----

| ITEM 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations. |
|---------|----------------------------------------------------------------------------------------|

----

----

----

----

----

| ·   | during periods when markets are dominated by fundamental factors that are not reflected in the technical data analyzed by the program; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------|

| ·   | during prolonged periods without sustained moves in one or more of the markets traded; or |
|--------------------|-------------------------------------------------------------------------------------------|

| ·   | during ‘whip-saw’ markets, in which potential price trends start to develop but reverse before actual trends are realized. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------|

| ·   | result in traders attempting to initiate or liquidate substantial positions in a market at or about the same time; |
|--------------------|--------------------------------------------------------------------------------------------------------------------|

| ·   | alter historical trading patterns; |
|--------------------|------------------------------------|

| ·   | obscure developing price trends; or |
|--------------------|-------------------------------------|

| ·   | affect the execution of trades. |
|--------------------|---------------------------------|

----

----

| ·   | may not provide the same assurances of the integrity (financial and otherwise) of the marketplace and its participants as do U.S. exchanges and markets; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | may exercise less regulatory oversight and supervision over transactions and participants in transactions; |
|--------------------|------------------------------------------------------------------------------------------------------------|

| ·   | may not afford all participants an equal opportunity to execute trades; |
|--------------------|-------------------------------------------------------------------------|

| ·   | may be subject to a variety of political influences and the possibility of direct governmental intervention; |
|--------------------|--------------------------------------------------------------------------------------------------------------|

| ·   | may have different clearance and settlement procedures for transactions than U.S. exchanges and markets. There have been times when settlement procedures have been unable to keep pace with the volume of transactions on certain exchanges and markets, making it difficult to conduct trades; and |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | may be ‘principals’ markets’ in which performance is the responsibility only of the member with whom the trader has dealt (the counterparty) rather than the responsibility of an exchange or clearing association. Each transaction on such an exchange or market may subject the Partnership to the risk of the counterparty’s credit failure or inability or refusal to perform its obligations. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                       | Class A Units    | Class A-2 Units  | Class B Units    | Class B-2 Units  |
|----------------------------|------------------|------------------|------------------|------------------|
| Date of Redemption:        | Amount Redeemed: | Amount Redeemed: | Amount Redeemed: | Amount Redeemed: |
| January 31, 2011           | $1,670,103       | -                | $334,538         | -                |
| February 28, 2011          | $2,499,525       | $1,550,768       | $297,926         | $117,838         |
|   March 31, 2011 | $4,585,980       | $784,697         | $449,585         | $53,041          |
| TOTAL                      | $8,755,608       | $2,335,465       | $1,082,049       | $170,879         |

| 31.1 | Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer |
|------|-----------------------------------------------------------------------|

| 31.2 | Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer |
|------|-----------------------------------------------------------------------|

| 32.1 | Section 1350 Certification of Principal Executive Officer |
|------|-----------------------------------------------------------|

| 32.2 | Section 1350 Certification of Principal Financial Officer |
|------|-----------------------------------------------------------|

| 3.1 | Certificate of Limited Partnership of Man-AHL Diversified I L.P. |
|-----|------------------------------------------------------------------|

| 10.2 | Form of Trading Advisor Agreement between Man-AHL Diversified I L.P., Man Investments (USA) Corp. and Man-AHL (USA) Limited. |
|------|------------------------------------------------------------------------------------------------------------------------------|

| 10.3 | Form of Selling Agreement between Man Investments (USA) Corp. and Man Investments Inc. |
|------|----------------------------------------------------------------------------------------|

----

| 4.2 | Sixth Amended Limited Partnership Agreement of Man-AHL Diversified I L.P. |
|-----|---------------------------------------------------------------------------|

----

| 31.1 | Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer |
|------|-----------------------------------------------------------------------|

| 31.2 | Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer |
|------|-----------------------------------------------------------------------|

| 32.1 | Section 1350 Certification of Principal Executive Officer |
|------|-----------------------------------------------------------|

| 32.2 | Section 1350 Certification of Principal Financial Officer |
|------|-----------------------------------------------------------|

----